FIPS 47157 · population 919,173 · part of Memphis, TN
The latest county-level Zillow ZORI is $1,389 per month in 2026-06. It is a typical asking-rent index across rental types—not an arithmetic average, signed lease or quote for one property.
| Bedrooms | HUD monthly FMR | Geography | Measurement boundary |
|---|---|---|---|
| Studio | $1,060 | Shelby County, TN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 1 bedroom | $1,154 | Shelby County, TN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 2 bedrooms | $1,274 | Shelby County, TN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 3 bedrooms | $1,683 | Shelby County, TN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 4 bedrooms | $1,959 | Shelby County, TN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
Zillow asking rent, ACS gross rent and HUD FMR describe different housing universes. They remain separate and no metro, city or neighboring-county value replaces missing county evidence.Zillow pulled 2026-07-26 · HUD pulled 2026-07-26
Everything here joins on the county FIPS code, so each figure comes from the agency that publishes it with no name matching in between.
Zillow estimates a current home value. FHFA tracks repeat mortgage transactions. Their growth rates should be read side by side, not averaged.
Survey source: Census ACS 5-year — county housing value, tenure and stock · ACS 2024 5-year · pulled 2026-07-30. These values describe different housing universes and are not combined into gross yield.
Workplace source: BLS QCEW — county employment and wages · annual county employment and wages 2021-2025; latest 2025 vs 2024 · pulled 2026-08-02. QCEW counts covered jobs located in the county, not employed residents or the metro score’s CES/LAUS series.
BEA per-capita personal income divides all personal income by the county population. It is broader than wages, but it is not household income or a measure of what renters can afford.
HUD CHAS separates renter households by income relative to local HAMFI. Moderate burden means housing costs above 30% through 50% of income; severe burden means more than 50%.
These Apartment List observations match the exact county Census code 47157. They are kept separate from Zillow asking rent, Census occupied-home rent and wider metro measures.
Monthly overall-rent index; missing observations are not filled from another geography.
Shelby County presents an income proposition against soft near-term price and labor/migration evidence. Income-focused buyers should investigate property-level cash flow, while buyers relying on appreciation or broad demand should be cautious. Zillow’s county median home value was $222,012 in 2026-06, down 1.48% year over year. Separately, FHFA’s repeat-transaction HPI in annual 2025 fell 0.10%. That index is not a home value, and its differently labeled observation must not be merged with Zillow into one price trend.
The measured monthly median asking rent was $1,389, with a reported gross yield of 7.51% before costs. The effective property-tax rate was 0.98%, and median annual property tax was $2,429; both belong in a property-level carrying-cost review rather than a gross-yield conclusion. HUD’s $1,274 two-bedroom FMR is a payment standard, not an estimate of asking rent, and cannot replace the published market-rent measure or support a separate yield calculation.
Demand evidence is mixed rather than a demand forecast. QCEW’s annual 2025 workplace series shows covered employment down 2.50% while average weekly wage rose 3.56%; these are county workplace measures, not resident employment or unemployment. Trade, transportation, and utilities was the largest disclosed private supersector, not the whole economy. Net migration was negative by 4,596 tax-return households, and movers in had average income $14,044 below movers out. Investor participation was 23.44% of purchase mortgages to non-occupants, signaling potential competition but not describing all transactions.
Inland flood is the dominant hazard, and the modeled climate-loss ratio is 0.18% of building value per year; it does not identify parcel exposure, insurance cost, or a realized loss. Realtor.com MLS listing metrics are not published, preventing an assessment of asking-price levels, visible supply, marketing time, and seller concessions. Underwriting also needs property-level flood-zone and insurance evidence, rent comparables, vacancy and turnover, operating expenses, financing terms, and assessment details. Those omissions prevent a defensible net-yield and resale-liquidity conclusion.
This view uses 12 direct Zillow ZIP markets matched to Census ZCTAs. Each ZIP is assigned by its largest HUD residential county share; this is not an exhaustive county inventory.
Within the selected direct-evidence set, Zillow ZORI—a typical observed asking-rent index for June 2026—runs from $914 in ZIP 38116 to $1,576 in ZIP 38016. The range is $662, and the selected-set median is $1,278; the county ZORI is $1,389 and should remain a separate county benchmark. The renter decision is not which ZIP is best, but whether a current listing’s price and bedroom configuration fit the household budget while the search remains sufficiently broad. A wide index range requires a listing-by-listing search rather than assuming that every property in a ZIP is similarly priced. ZORI frames reported asking-rent conditions; it is not a lease quote or a household’s actual payment.
Do not blend ZORI with the ACS or HUD benchmarks. The ACS five-year survey puts county median gross rent at $1,232, while selected ZCTA estimates range from $1,040 to $1,661. These are survey estimates with a different rent concept and reference frame from reported asking-rent ZORI. Separately, HUD’s two-bedroom FMR is $1,274 countywide and ranges from $1,080 to $1,910 across the selected ZIP assignments. It is a bedroom-specific administrative payment standard, not an asking-rent estimate. Calculated ZORI-to-HUD two-bedroom ratios run from 73.1% to 108.5%; this is a screening comparison only, not evidence that a unit qualifies, is available, or is affordable for a given household.
Survey burden and vacancy describe separate conditions, so their relationship should not be treated as causal. Across the selected ZCTAs, estimated gross-rent burden at or above thirty percent spans 38.5% to 60.8% of renter households, versus 54.2% countywide. Vacancy ranges from 4.6% to 18.7%, compared with a 10.3% county rate. At the high-vacancy endpoint, ZIP 38118 still has a 54.5% burden share; vacancy therefore is not an affordability finding. The distributions can prioritize questions: lower vacancy merits a current-availability check, while higher vacancy does not prove lower prices, easier qualification, or units that meet a household’s bedroom and payment needs.
Coverage and geography limit any ZIP-level conclusion. This display contains 12 direct-evidence matches from 29 eligible matches and represents 101,182 renter households, so it is not an exhaustive inventory of county ZIPs or properties. Census ZCTAs are statistical areas, not identical to USPS delivery ZIPs. ZIPs may cross county lines; the display assigns them using the largest HUD residential-address share, and every selected match here has a 100% primary-county share. Before acting, verify the exact property address and mailing geography, live asking rent, bedroom count, recurring fees and utilities, deposit, lease term, availability, and the property’s stated screening or eligibility requirements.
29 ZIP profiles passed the county gate; the 12 with the most renter households are shown.
| ZIP / ZCTA | Zillow asking rent | ACS gross rent | HUD 2BR | Burden 30%+ | Vacancy | Income screen | HUD county share |
|---|---|---|---|---|---|---|---|
| 38115 | $1,075 | $1,185 | $1,360 | 57.3% | 15.3% | $43k | 100.0% |
| 38111 | $1,283 | $1,155 | $1,240 | 54.0% | 11.2% | $51k | 100.0% |
| 38128 | $1,324 | $1,196 | $1,350 | 55.2% | 12.2% | $53k | 100.0% |
| 38116 | $914 | $1,059 | $1,250 | 60.7% | 15.9% | $37k | 100.0% |
| 38016 | $1,576 | $1,595 | $1,570 | 48.4% | 8.1% | $63k | 100.0% |
| 38127 | $1,085 | $1,160 | $1,190 | 50.2% | 18.3% | $43k | 100.0% |
| 38104 | $1,273 | $1,112 | $1,470 | 49.7% | 10.6% | $51k | 100.0% |
| 38118 | $1,225 | $1,181 | $1,230 | 54.5% | 18.7% | $49k | 100.0% |
| 38134 | $1,313 | $1,198 | $1,270 | 45.0% | 4.6% | $53k | 100.0% |
| 38125 | $1,502 | $1,581 | $1,550 | 38.5% | 5.0% | $60k | 100.0% |
| 38109 | $1,172 | $1,040 | $1,080 | 60.8% | 11.9% | $47k | 100.0% |
| 38103 | $1,557 | $1,661 | $1,910 | 41.8% | 10.0% | $62k | 100.0% |
Open a five-digit report for asking rent, affordability, rent history and resale liquidity. Each row keeps its ZIP/ZCTA measurement scope.
| ZIP report | City label | Zillow rent | 1Y change | ACS burden 30%+ | Population |
|---|---|---|---|---|---|
| ZIP 38135 rental reportShelby County | Bartlett, TN | $1,815 | ▲ 5.4% | 41.8% | 30,317 |
| ZIP 38103 rental reportShelby County | Memphis, TN | $1,557 | ▲ 1.1% | 41.8% | 14,534 |
| ZIP 38125 rental reportShelby County | Memphis, TN | $1,502 | ▲ 0.6% | 38.5% | 43,071 |
| ZIP 38117 rental reportShelby County | Memphis, TN | $1,473 | ▼ 1.0% | 51.0% | 25,776 |
| ZIP 38128 rental reportShelby County | Memphis, TN | $1,324 | ▲ 0.9% | 55.2% | 42,162 |
| ZIP 38111 rental reportShelby County | Memphis, TN | $1,283 | ▲ 1.5% | 54.0% | 41,934 |
| ZIP 38104 rental reportShelby County | Memphis, TN | $1,273 | ▼ 0.8% | 49.7% | 22,634 |
| ZIP 38118 rental reportShelby County | Memphis, TN | $1,225 | ▲ 2.6% | 54.5% | 39,107 |
| ZIP 38127 rental reportShelby County | Memphis, TN | $1,085 | ▼ 0.3% | 50.2% | 39,541 |
| ZIP 38115 rental reportShelby County | Memphis, TN | $1,075 | ▼ 0.9% | 57.3% | 38,491 |
Zillow ZORI is an asking-rent index. ACS burden and population describe the Census ZCTA; missing observations remain n/a.
Census-recognized incorporated places and CDPs that intersect this county. The list does not pretend to include every neighborhood or informal community.
Population is the total place-wide ACS estimate, not an allocated county share. A place crossing a county line is labelled explicitly. Source: Census ACS 5-year — cities and communities · ACS 2024 5-year · pulled 2026-07-30.
0.176% of building value expected lost per year
$2,429 median annual bill
14,580 in · 19,176 out
$59,547 arriving · $73,591 leaving
1,950 of 8,318 mortgages
A metro is an average of these. Which side of a county line a property sits on can change the tax bill, the hazard profile and the tenant pool.
| County | Population | Price | Rent | Yield | Hazard |
|---|---|---|---|---|---|
| Shelby County | 919,173 | $222k | $1,389 | 7.5% | inland flooding |
| DeSoto County | 191,301 | $303k | $1,676 | 6.6% | inland flooding |
| Tipton County | 61,553 | $278k | $1,707 | 7.4% | earthquake |
| Crittenden County | 47,266 | $169k | $1,255 | 8.9% | inland flooding |
| Fayette County | 43,267 | $377k | $2,109 | 6.7% | earthquake |
| Marshall County | 33,979 | $218k | n/a | n/a | inland flooding |
| Tate County | 28,321 | $249k | n/a | n/a | inland flooding |
| Tunica County | 9,475 | $164k | n/a | n/a | earthquake |
| Benton County | 7,589 | $163k | n/a | n/a | inland flooding |
Yes. The record publishes county median asking rent and a gross yield before costs; HUD FMR is separately identified as a payment standard.
No. Zillow reports a county home-value change for its labeled observation, while FHFA reports a differently dated repeat-transaction index change.
The record shows negative net migration, lower average income among movers in than movers out, and a disclosed investor share of purchase mortgages to non-occupants.